KARACHI – The rupee continued to depreciate on Friday in the interbankmarket, trading at Rs266.6 per dollar at 10:32am.
As per the data shared by the Exchange Companies Association of Pakistan(Ecap), the local currency is down by Rs11.17 from the yesterday’s close.
The currency witnessed a decline of Rs24.54 to a record low of Rs255.43 inthe interbank yesterday, the largest single-day depreciation in bothabsolute and percentage terms since the new exchange rate system wasintroduced in 1999.
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The massive devaluation occurred after the government removed an unofficialcap on the USD-PKR exchange rate to revive the stalled InternationalMonetary Fund (IMF) loan programme.
